Long Island gas prices continue freefall

After one of the largest weekly drops in recent memory last week, Long Island gas prices followed up by falling by nearly double digits this week.

The average retail price for a gallon of gasoline fell 8.2 cents this week, averaging $3.81 per gallon as of Sunday. A week ago, prices had fallen 4.7 cents per gallon. While the continued downward trend is certain to bring happy news to anyone looking to fill up on the cheap, it’s worth noting that as of Sunday, local gas prices are only down 8.6 cents per gallon over the past month, meaning these decreases were preceded by some significant increases.

And gasoline analysts are suggesting to take this reprieve from wallet-emptying gas prices with a grain of salt.

“Last week saw an impressive decline in crude oil and gasoline futures, and accordingly, motorists in most areas of the U.S. have seen retail gasoline prices decline,” said Patrick DeHaan, senior petroleum analyst for gasoline price website GasBuddy.com. “In some areas, price have outright plunged to under $3 per gallon. While social networking sites are abuzz about the decline, be warned that the market does remain extremely sensitive to geopolitical issues and refinery maintenance season is right around the corner.”

Nationally, the average price of gas fell 7.1 cents per gallon this past week to average $3.53 per gallon as of Sunday, according to GasBuddy.com.

One comment

WOW! You make it sound like such a bargain! You might want to mention that just 1 year ago, gas was $2.78/gallon and that less than 3 years ago, gas was under $2.00 per gallon. These drops of a few cents don’t change anything.

Just for a little perspective, a 4.7 cent drop for a 20 gallon tank is $0.94 cents.

I’m getting very tired of people trying to make me think that $3 gas is a great deal.

Gas is still a fortune and anybody who tries to make you think gas is cheap, must own a lot of stock in Exxon/Mobile.